Qualified Business Income and More-Small Business Impacts of TCJA

Description

What is a specified service business and how is the deduction impacted by W-2 wages or investments in property? These questions, as well as numerous other issues related to the qualified business income/pass-through deduction, must be addressed by practitioners advising closely held businesses. This program will address these concerns and others, as well as incorporate up-to-date information on IRS guidance in this area.
The law contains other provisions that will impact a small business to be covered in this course, including the revisions to bonus depreciation, the denial of deductions for entertainment, and additional provisions that impact small businesses enacted as part of the Tax Cuts and Jobs Act.

Highlights

Qualified business income amount computation
Definition of a specified service business
Application of W-2 wage and qualified property limitations for QBI deduction
Changes to types of property eligible for increased bonus depreciation
Bar on deduction of entertainment expenses-what can still be deducted?
Status of issued IRS guidance in these areas, expected future guidance, and how to advise clients until such guidance is finalized

Objectives

Participants will be able to:
Calculate the qualified business income amount for each trade or business of a taxpayer
Identify a specified service business as defined in Section 199A
Determine the applicability and amount of the various limitations on the deduction
Describe the additional types of property eligible for the 100% bonus depreciation
Identify the types of entertainment that remain deductible and establish criteria for identifying meals that are and are not entertainment

Designed For

Practitioners who work in or advise closely held businesses.